S.C. Code § 38-19-20

Current through 2024 Act No. 225.

Section 38-19-20 - Contract shall stipulate membership of contract holder

Each holder of an individual or group annuity contract or an individual or group contract of insurance, other than a contract of reinsurance, is a member of the insurer with the rights and obligations of membership as provided by this chapter. With respect to a group annuity contract or a contract of group insurance, the employer or other person to whom or in whose name the master contract is issued or held is considered the member. Each contract issued, individual or group, shall effectively stipulate this fact.

1988 Act No. 334, Section 2; 1962 Code Section 37-372] recodified as Section 38-19-20 by 1987 Act No. 155, Section 1; 1952 Code Section 37-372; Former 1976 Code Section 38-11-220 [1947 (45) 322; 1971 (57) 1001] recodified as Section 38-31-20 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-19-20 [1962 Code Section 37-822.